Loan amount included in turnover
This query is : Resolved
27 December 2014
Dear all,
my client is doing civil works, his turnover is 50,00,000 (as per bank statement)
his return was filed u/s 44AD
after filing we found one mistake i.e, 10,00,000 loan amount was included in the turnover (50,00,000)
if it is selected for scrutiny what we have to say about 10,00,000
my client is doing civil works, his turnover is 50,00,000 (as per bank statement)
his return was filed u/s 44AD
after filing we found one mistake i.e, 10,00,000 loan amount was included in the turnover (50,00,000)
if it is selected for scrutiny what we have to say about 10,00,000
28 December 2014
As as you already mentioned that Rs. 10,00,000 is wrongly included in turnover and consequently assessee has paid excess tax as required to legally pay.
If case comes under scrutiny and you have sufficient records for that purpose you can claim refund by making ratification under section 154
If case comes under scrutiny and you have sufficient records for that purpose you can claim refund by making ratification under section 154
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29 December 2014
U/s.154(2) on application made by the assessee, the income tax authority may make the rectification. So you need not wait until the case taken up for scrutiny. You can save your money through this process.
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